Flat Tax

A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.

Read more about Flat Tax:  Requirements For A Fully Defined Schema, Recent and Current Proposals

Famous quotes containing the words flat and/or tax:

    “We may divide characters into flat and round.”
    —E.M. (Edward Morgan)

    “What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”
    —Mark Twain [Samuel Langhorne Clemens] (1835–1910)